Well, there is libXL, a powerful library to read/write Excel files. We use it for our MBS FileMaker Plugin, so you could use the methods we have there. This includes embedding pictures in an Excel file as well as adding formulas.

If you just have the calculation ist works. The Link get as link, but when I click on it I get a error message (unexpected error).

The Link for example looks like this:

=HYPERLINK("pdf/Msds1_RGF%20Rabl_S5.pdf";"Msds1_RGF Rabl_S5.pdf")

"pdf" is the folder where the pdf is.

I find an other way, I export it as "merge" and open it in Excel. Excel ask now how to import it and set the cell to standard. When I finish it, the calculation tell me the result and the link is a link, it's not blue, but it works!

I've never seen FORMULAS work for import into Excel this way. the "=" just becomes part of the text of the cell.

I've used XML/XSLT to create the Excel (as .xls) which can then put proper styling and formulas into the cells. It's a lot of work, but worth once you set it up and use again and again. However, no "images" are imported this way, but perhaps FM13's base64 could be used now-a-days if Excel can handle the decoding?

When I posted about the link as text, it must be a valid link and your "path" may not be valid. How does Excel know where to get the document/image? is it relative to the Excel document? is the "url" the proper one for that kind of document/image?